Hitachi America has introduced Xinba 2.0 Reader and Analyzer, a desktop-based Microsoft Excel add-in that allows users to import, open and manipulate eXtensible Business Reporting Language financial information directly in Excel.
According to Hitachi, Xinba 2.0 Reader and Analyzer allows end users to import XBRL 2.0a- and 2.1-compliant financial information directly into Excel by using Web services to access taxonomies and instances that can be stored locally, over a network or anywhere on the Internet.
It also supports Web services standards such as SOAP (Simple Object Access Protocol) and WSDL (Web Services Description Language) so end users can send requests and receive instance data from third-party data vendors using them. The program supports both the US-GAAP and IFRS taxonomies as well, company officials said in a statement.
With Xinba 2.0 Reader, users can analyze XBRL data in the same manner they are accustomed to when using Microsoft Excel for financial analysis, Hitachi officials said. The program provides XBRL Worksheet Functions, allowing an XBRL dataset to be displayed in an Excel spreadsheet. In addition, Xinba 2.0 Reader permits users to customize the display of financial information by selecting an individual element with its sub-elements or an entire category such as income statement or earnings release.
Other features include the ability to display labels in different languages; a presentation setting that offers a roll-up calculation option; a consistency check on the Calculation Linkbase relationship between a reported element and its sub-elements and reporting of any inconsistencies found; and the ability to examine and analyze XBRL financial data and create customized financial reports and graphs. Analysis can be performed on the data using standard Microsoft Excel functionality, company officials said.
The program also allows users to create their own templates, eliminating the manual cutting and pasting of data, Hitachi officials added.
Xinba 2.0 Analyzers Plug-In Framework allows users to add new applications to Xinba by inserting new plug-in modules or creating their own using an open API. Users can copy plug-in files to the Xinba install directory to activate them. Two plug-ins—an SEC plug-in and an FDIC plug-in—are included free with the full version of Xinba 2.0 Reader and Analyzer.